​Senior Homeowner?
Let your home take care of you!
You've worked hard your entire life, and now it's time to enjoy the fruits of that labor.
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Contact us! (905) 304 8883 / marisa.nguyen@vinegroup.ca
MISTAKES SENIOR HOMEOWNERS MAKE...
AND HOW TO AVOID THEM!
You've worked hard your entire life, and now it's time to enjoy the fruits of that labor. Retirement is a time for enjoyment and relaxation—and also a time for preparation, as you'll want to make sure you're ready for all of the changes that come with this transition in life. Retiring from work can be an exciting new chapter in your life, but it can also be fraught with financial challenges if you don't prepare properly.
What can you do if you are living above your means in retirement? Whatever it takes to get yourself out of debt! While retiring from work and taking on a smaller income can reduce some stressors, the idea of losing your home or car is enough to keep most people up at night. And while these things may seem like they are part of who you are now (like our friend who owned a boat), they're not something worth risking when it comes down to paying off debt before retirement.
If you lose your home, where will you go?
Living with family members or friends. This can put a strain on relationships, especially if you have no other choice. Also, when someone lives with family members or friends instead of in their own home it can feel like a burden—especially if the person is older and has limited mobility.
How it works?
A reverse mortgage is a loan that allows homeowners to convert a portion of the equity in their home into cash. It's been around since the 1970s, but its popularity has increased tremendously in recent years as it's become more widely available to first-time or low-income homebuyers. The homeowner receives a lump sum or monthly payments based on how much they owe and when they took out the loan. The borrower does not have to pay back this loan until they move or pass—and even then, sometimes there are no payment requirements at all!
